Kaynes Technology India Limited (KTIL) has entered capital requests controller Sebi’s go ahead to raise finances through an original Public Offering (IPO). The IPO consists of a fresh issue of equity shares adding up to Rs 650 crore, and an Offer For trade (OFS) of over to 72 lakh equity shares by a protagonist and a living shareholder, according to the Draft Red Herring Prospectus (DRHP).
The OFS comprises trade of over to 37 lakh equity shares by protagonist Ramesh Kunhikannan and over to 35lakh equity shares by being shareholder Freny Firoze Irani. The company, which filed primary IPO papers with Sebi in April, attained its compliances letter on Oct 6, an update with the controller showed on Monday. In Sebi’s parlance, the observation implies its go ahead to launch IPO.
Going by the draft papers, proceeds from the fresh issue worth Rs 130 crore will be used to repay debt and Rs98.93 crore will be utilised for backing capital expenditure for its manufacturing installations at Mysore and Manesar. Also, the company plans to use Rs149.30 crore towards investment in its arm Kaynes Electronics Manufacturing Pvt Ltd for setting up a new installation at Chamarajanagar in Karnataka. It’ll use up to Rs114.74 crore for funding working capital demand and general corporate proposes.
Mysore- grounded Kaynes Technology is a commanding end-to-end and IoT (Internet of effects) results enabled integrated electronics manufacturing player, having capabilities across the entire diapason of electronics system design and manufacturing services. It has experience in furnishing abstract design, process engineering, integrated manufacturing and life- cycle support for major players in the automotive, artificial, aerospace and defence, external- space, nuclear, medical, railroads, IoT, Information Technology (IT) and other parts.
The company has eight product shops in Karnataka, Haryana, Himachal Pradesh, Tamil Nadu and Uttarakhand. It has a total capacity of roughly 600 million factors as of December 2021. For FY21, the company posted a profit of Rs420.63 crore as against Rs368.24 crore in the antedating financial. Net profit for the period under review was at Rs9.73 crore as compared to Rs9.35 crore in the former fiscal time. DAM Capital counsels and IIFL Securities NSE-0.88% are the book- running lead directors to the issue.
About Kaynes Technology India Limited
Kaynes Technology is a leading end-to-end and IoT solutions-enabled integrated electronics manufacturer in India. We have capabilities across the entire spectrum of ESDM services.
Kaynes has over three decades of experience in providing Conceptual Design, Process Engineering, Integrated Manufacturing and Life Cycle Support for major players in the Automotive, Industrial, Aerospace and Defence, Outer-space, Nuclear, Medical, Railways, Internet of Things (“IoT”), Information Technology (“IT”) and other segments. We have advanced manufacturing infrastructure that enable us to manufacture products at variable or flexible volumes across all industry verticals.
IOT solutions enabled integrated electronics manufacturing with end-to-end capabilities across the ESDM spectrum.